This April the SEC adopted final rule and form amendments (the “Final Rules”) that modify the registration, offering, and communications processes currently used by registered closed-end management investment companies, including all types of continuously-offered closed-end funds. Read more to learn how the final rules impact your efforts.
The SEC proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940. Rule 2a-5 (“Proposed Rule”) would be the first rule that establishes a comprehensive regulatory framework for fair valuing investments in good faith for which there are no readily available market quotations. Read more…
Even as the largest actively managed stock mutual funds in the U.S. lag behind the S&P 500, the oldest funds are doing nicely. Funds that survived the 1929 stock market crash, including Central Securities (ticker: CET), Adams Diversified Equity (ADX), and General American Investors (GAM). These closed-end funds might not be bargains, but they’re all up 30%-plus this year.
When activist investors in the rough-and-tumble world of closed-end funds put forward a slate of board nominees, they usually select employees or others already allied with them. But in a proxy battle at a Nuveen fund, the hedge fund Saba Capital has landed a rare catch as one of its nominees: an independent fund director currently serving at an open-end complex.
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